Network profile: Palm

Network name
Palm
Token
PALM
RPC
https://palm-mainnet.infura.io/v3/3a961d6501e54add9a41aa53f15de99b
Chain ID
11297108109
Block explorer
explorer.palm.io
Website
palm.io

Palm is an EVM-based sidechain developed specifically for selling, buying, and trading NFTs (non-fungible tokens). Built as a destination blockchain for NFT creators, artists, and collectors, the network seeks to present an alternative to Ethereum's congestion and high fees, whilst retaining interoperability and keeping these creators, creations, and buyers within the Ethereum ecosystem, rather than see them emigrating to other layer-1 blockchains with growing NFT communities.

To make the transition from Ethereum to Palm as seamless as possible, the Palm team ensured their network has EVM-compatibility. Not only does this mean developers can work on Palm in the same programming language (Solidity) as they do on Ethereum, making it relatively straightforward to migrate, but it also allows MetaMask to function as a gateway to the network. 

A proof-of-authority (PoA) consensus mechanism underpins the network. A variant of proof-of-stake (PoS), PoA assigns a limited number of validators responsibility for validating blocks. Each validator must stake tokens in order to obtain the authority to fulfil this role. If they perform their duties correctly, they receive rewards; but if they do not submit valid blocks, their stake is 'slashed' (taken from them).

This mechanism provides Palm with the ability to cheaply process high volumes of transactions, and reduces its environmental impact due to the superior energy efficiency of PoS (and variants) relative to proof-of-work (PoW). Palm is 99.9% more energy-efficient than PoW networks. It is hoped that this will help attract artists and creators to the Ethereum NFT space who were previously reluctant due to environmental concerns.

In the long run, the Palm team intends to transition from a sidechain to a layer-2 (L2) network, since Ethereum mainnet will soon be moving to proof-of-stake itself, therefore negating one of the key drivers behind Palm's current configuration. The team also says its roadmap includes the addition of a governance system, supported by its native token, PALM. 

To enhance its pull as a creator-driven NFT community, Palm takes an interesting approach to the availability of the PALM token. It is only available via airdrop when you interact with the network in various ways. For a full overview of how you can get PALM, see here

 

Using Palm

How do I add Palm to MetaMask?

The easiest way to add Palm is to either:

Alternatively, you can add it as a custom network using this method and the network details above.

What are PALM tokens for?

As the native token of the network, you need PALM in order to pay for transactions. PALM is not used for buying/selling NFTs.

How do I get PALM tokens?

As detailed here, PALM is only available via airdrops which are awarded based on users' interactions with the network.

The airdrops provide users with enough tokens to use the network, and in quantities proportionate to how much value they bring: i.e. the more NFTs you buy and sell on Palm-supported marketplaces (see Does Palm have an NFT marketplace?), the more PALM you will accumulate.

Part of the network's roadmap involves establishing a governance system in future. This will allow PALM holders to have a say in how the network is run and developed -- and the more PALM you hold, the more weight your contributions will have.

Does Palm have an NFT marketplace?

No. Palm is a blockchain, not a marketplace (e.g. like OpenSea).

Instead, Palm supports marketplaces and NFT platforms that are built on its network. Examples include Nifty's, Portion, and Heni.

How do I get tokens and NFTs on to Palm?

Head to the Palm platform at app.palm.io. At the top of the screen you'll see links to Token Bridge and NFT Bridge. Pick the option which corresponds to your intention.

Bridging tokens Bridging NFTs
Currently, you can only bridge three tokens to Palm:
  • WETH (wrapped ETH, commonly used on NFT platforms)
  • DAI, a stablecoin
  • PRT, an ERC-20 token distributed by and usable on the Portion platform. You can read more about it here.

Bridging tokens over can be useful primarily for buying NFTs on Palm-supported marketplaces.

How do I transfer tokens from Palm to Ethereum?

By default, the Palm bridge will assume you are transferring from the network your MetaMask is currently connected to. So if you load the page whilst MetaMask is connected to Ethereum, it will assume you want to bridge to Palm. To change, click the switch icon where the networks are listed, change your network in MetaMask to Palm, and then reload the bridge page.

Once you've connected your wallet, the token platform will look like the below (minus the Ethereum congestion notice, depending on your timing):

Palm_token_bridge.png

Simply select the token you want to transfer over and input the amount you want to move. The receiving address needs to be a wallet compatible with the Palm network -- currently, MetaMask is your only option.

Once you've clicked 'Start transfer' you'll be prompted to confirm it in MetaMask. Then, pending completion of the transaction, the tokens will be in your wallet. If they don't appear, make sure you've added the token to your MetaMask.

Using the Palm on-ramp

On-ramps are platforms which enable you to directly purchase tokens using fiat currency, such as dollars or euros, and have them immediately deposited into your wallet on a given network.

In Palm's case, you can buy DAI tokens on Wyre. Click here to access the platform.

 

Relevant support articles

User Guide: Custom networks and sidechains

NFT tokens in your MetaMask wallet

How to add a custom network RPC

How do I send, receive, or cash out an NFT? 

 

Useful resources

Palm FAQs

Palm App (where you can access the bridges and on-ramp)

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